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2026.07.3001:06:55UTC+00EU Gas Holds Gain Amid Supply Risks

European natural gas prices hovered around €61 per MWh on Thursday, stabilizing after a sharp rise in the previous session as risks to Europe’s winter supply increased amid renewed fighting in the Middle East. The latest tensions followed joint strikes by Saudi Arabia and the United States on Iran-backed militias in Iraq, and came as President Donald Trump vowed a forceful response after Iran attacked US bases in Jordan. The escalation has disrupted Qatari LNG exports, with QatarEnergy extending force majeure declarations for European buyers through the end of September, further tightening global gas supply and intensifying competition with Asia for spot cargoes. At the same time, heatwaves across Europe are driving up cooling demand and slowing the pace of gas storage replenishment.

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